I have pay 2% for sub-sale free hold landed property in puchong on early June 2008...until today i havent sigh the S&P agreement due the Vendor disagreed the SPA prepare by my lawyer...
Vendor insist additional clause for:

1)Irrevocably undertake letter from bank before give us the tittle,
2)14 working days from the date of give us the tittle,vendor want my lawyer to advise release the loan by bank,otherwise will forfeited my 10% deposit!

vendor say it normal format for all SPA...she say either accept it or give up of buying...

then i discuss with my lawyer..my lawyer say if take it,it going be double lock up the purchaser...1st is 3month + 1 month 8% penalty,2nd is the 14days issue.
if give up vendor not going to refund anything WTF!

So,now i pengsa already...dunno what to do...i wish to buy the house,it good location and nice view..but some many problem to me at initial stage now...dunno whether is GOD advise me not to buy?



Pls advice me.....

it can be tolerate are they...that is suck...i also got s&p problem here..but my vendor quite understanding...

i mean i'm the purchased now....vendor stand firm now..not to listen my problem and my situation...

This is normal conveyancing practice



Don't understand why vendor wants to bother with this...as the completion date is 3 months from SPA date Plus 1 month with interest chargeable.
If you fail to pay by end of month 4, then the 10% deposit will be forfeited. When your lawyer advises release of loan is irrelevant as long the completion date is adhered to.

BUT having said that, if you wants the purchase so much, suppose your lawyer can get around the issue. Just make sure the documentation in respect of your loan is completed eg bankruptcy search, loan documents and guarantor's doc (if any) are all ready together with the stamp duty been paid on the transfer form, then only ask for the title. What is left then is to register the transfer and charge documents at land office. Unless the land office is not able to give the registration number within 14 days,(technically, shld be able to give number immediately) your lawyer should
have no problem advising release of loan...the key word is "advise release"..within 14 days time frame

This post has been edited by ??!!: Jul 24 2008, 05:03 PM

advise release mean vendor must get within 14 working days from date of collect tittle..so mean as a purchase like me..is there any pro and cons on this?..i just worry what if bank delay to release $$..end up the vendor got the right to forfeited my deposit...my hard earn money loh...

i tot S&P for lawyer is like fill in the blank only.. cos it is very standard one?

By "advise release " , the lawyer only tell the bank something to the effect of
"Mr Banker, the loan security documents are all in order..and the title is transferred to name of borrower (ie YOU) and charged to the bank accordingly. You can now release the loan amount due to the vendor."

Note the condition is for the lawyer to advise loan release, ...NOT " 14 days for balance purchase price to be paid in full"...once this condition is fulfilled, sudah cukup lor..whether the bank delay payment or not they can't forfeit yr deposit.

In any case, most bank will just take the normal few days to a week to release monies upon advice from their lawyers. The part that takes time is usually the valuation part by the stamp office and preparations/signing of security docs by banks and borrowers.

This post has been edited by ??!!: Jul 25 2008, 01:29 AM

this is the correct view. agree 100%.

i was told by my lawyer that there are certain terms that is put in or removed by the lawyer to favour their client in the snp. anyone can comment on this ? too bad i cant remember the terms that was mentioned as it is almost a year ago since i had the conversation with the lawyer.

but the issue now is my financial dont want to give me confirm for the Irrevocably undertake letter..my banker will only confirm sign or dont sigh once we sign SPA AND loan agreement ..but what if they dont?my deposit will forfeit and fly away just they say no.

ok understand some banks can get 'sticky' on the wording of the undertaking. Try this. I hope the lawyer you are using is also on the bank's panel..Ask them if the bank will issue the format of the undertaking requested by the vendor.Actually,the essence of all u/taking are more or less the same..shouldn't have much issue.

bank only will reply me once i sign SPA and loan agreement ...accordingly by UOB officer.